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Cuomo says the banks have and will continuwe to provide liquidityto investors. Last agreed to buy back as muchas $4.7 billiomn in auction-rate securities it sold to aboutg 5,500 investors, small businesses and small charitiexs before the market collapsed in February 2008. According to the Securitiesx andExchange Commission, the settlement also required BofA to “use its best to provide up to $5 billion in liquidity to businesseas and institutional investors with accounts valued at $15 million or and charities with accounts valued at $25 million or The agreement resolved allegations that securitieds dealers made misrepresentations to customers durinhg sales of auction-rate securities abourt their safety and liquidity.
Auction-rate securities have interest rate s that are reset at weekly or monthly auctiond run byinvestment firms. The $330 billion market collapsef last year, when investors became alarmed at the prospectss of the ability of corporate borrowerxs covering debt service on the Many were left with securities they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing. The SEC also has finalizesd a settlement with BofA overthe securities.
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